Miramar (Fla.) Firefighters' Pension Fund is searching for an active domestic small-cap core equity manager to run $5 million.
The $165 million pension fund issued an RFP to seek a permanent replacement for a similar portfolio formerly managed by PNC Capital Advisors, said Kevin Condy, associate consultant at Dahab Associates, the pension fund's investment consultant, which is assisting with the search.
Federated Investors bought parts of PNC's asset management business in 2019 and mapped PNC's former portfolios to its own strategies, but the pension fund's board wanted to go through an RFP process to choose its own manager, Mr. Condy said.
The Federated portfolio was terminated, and the assets are currently parked in an S&P 600 index fund managed by RhumbLine Advisers, Mr. Condy said. Federated is eligible to bid for the services.
As of June 30, the actual allocation to domestic small-cap equities was 9.1%,
The RFP is available on Dahab Associates' website. Proposals are due at 5 p.m. EST on Feb. 28. A timeline for a decision has yet to be determined.
